Why Fluence Energy Plunged Almost 50% This Week
Shares of battery storage systems maker Fluence Energy (NASDAQ: FLNC) plunged 48.7% this week, according to data from S&P Global Market Intelligence.
On Monday, the battery storage-maker reported fiscal first quarter earnings that highly disappointed investors and analysts, to say the least. On the heels of the massive miss and guidance cut, Wall Street sell-side analysts wasted no time in downgrading the stock and lowering their price targets.
In fiscal Q1, Fluence reported just $187 million in revenue and a loss per share of ($0.32). Those results missed estimates by a wide $186 million and $0.14, respectively. The revenue print was not only about 50% below estimates, but amounted to a 49% decline from the prior-year quarter.
Source Fool.com